Global trade agreements to open new markets for Indian farmers, MSMEs: Piyush Goyal

New Delhi [India], March 10 (ANI): Expanding global trade agreements will open new opportunities for India's farmers, fishermen, and MSMEs as the nation secures "preferential market" status across major international economies, said Union Minister Piyush Goyal. Speaking at the 40th edition of AAHAR, the International Food & Hospitality Fair in New Delhi, Goyal stated that India today covers two-thirds of global trade with "preferential market access" for Indian goods and services, making the country a "very attractive investment destination."
"I'm confident our farmers, fishermen and MSMEs are going to have huge opportunities and a plethora of doors are going to open for you," the Minister said.
The Union Minister noted that nine Free Trade Agreements (FTAs) finalised in the last three and a half years have opened doors to 38 developed and prosperous countries where a large market is awaiting Indian businesses.
"The 9 FTAs we have finalized in the last three and a half years have opened the doors to 38 developed and prosperous countries, where there's a large market awaiting all of you. We are today covering two-third of global trade with preferential market access for Indian goods and services making India a very very attractive investment destination," Goyal said. He explained that these agreements are "helping us to become a part of global value chains" where India can integrate operations and support other nations to expand business opportunities.
Goyal highlighted statistics that showed a significant rise in the export of agricultural and food products, which now stands at nearly five lakh crore rupees, "exceeding USD 55 billion annually." India currently ranks as the seventh-largest exporter of agricultural produce globally. The Minister detailed that between 2014 and 2025, exports of processed foods increased 4x, while exports of pulses tripled and processed vegetables quadrupled. Additionally, fruits have doubled, and rice alone has seen a 62 per cent growth.
The Minister emphasised that the current seventh position in global exports is only the beginning of a new journey. "All of this collectively encourages us to dream big to aspire big," the Minister stated.
He urged the Commerce Ministry to work alongside the Ministry of Food Processing and Agriculture to aim for the top spot. "We should aspire to be the world's number one exporter of agricultural and processed foods," Goyal said, adding that "India will be the food basket of the world." He noted that the days of worrying about food security are over, stating, "We would like to be a part of the global effort to eliminate food shortages."
Highlighting international collaborations, the Minister pointed to Italy as a partner for this year's fair, suggesting that India can adopt good practices and build bridges with Italian companies to "grow both the Indian cuisine, the taste for Indian products and expand our linkages."
He noted that Europe has opened up to Indian goods at "almost zero duty in most cases or abysmally low duties in a few cases," presenting a massive opportunity for the sector. Similar opportunities exist with the United States, Australia, and the EFTA countries such as, Switzerland, Norway, Liechtenstein, and Iceland.
Goyal confirmed that the government is currently finalizing an agreement with Canada and is in discussions with the six-nation GCC group in the Middle East. He noted that these developments portend huge opportunities for the processed food and agri sector. (ANI)